On May 21, Spanish stainless steel producer Acerinox, S.A. announced the acquisition of 100 percent share capital of Malaysia's biggest stainless steel trading company Yick Hoe Metal Industries Sdn Bhd (Yick Hoe Metals).
According to the company's statement, Acerinox, already holding 25 percent of the company, began negotiations for the remaining 75 percent share capital from Yick Hoe Group of Companies in December 2008, and has now completed the acquisition of 100 percent of the share capital.
The move is part of the company's strategy for consolidating its presence in the Asian markets, which also involves the construction of a new stainless steel factory in Johor Bahru, in Malaysia.
Yick Hoe Metals, with 230 employees, has a service centre in Johor Bahru and facilities in Kuala Lumpur and Penang.
The value of the transaction has not been disclosed by Acerinox.